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Eurocastle Investment
Eurocastle Investment (ECT) investor relations material
Eurocastle Investment Q2 2024 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2024 earnings summary7 Aug, 2024
Executive summary
NAV per share at €21.56 as of Q2 2024, down from €21.66 in Q1 2024 and €21.77 at YE 2023.
Adjusted NAV per share at €11.07, reflecting reserves for future costs and liabilities.
Net corporate cash stands at €17.5 million, with €8 million committed to the new Greek real estate strategy.
First Greek investment, a retail complex in Athens, expected to close in Q3 2024; total investment ~€6.3 million.
Launched a Luxembourg fund in August 2024, targeting €100 million, with €8 million committed by Eurocastle.
Financial highlights
IFRS NAV at €21.6 million as of Q2 2024, stable from Q1 2024 and slightly down from €21.7 million at YE 2023.
Adjusted NAV at €11.1 million, after €10.5 million in additional reserves.
Net loss for H1 2024 was €149,000, compared to a €413,000 loss in H1 2023.
Interest income increased to €322,000 in H1 2024 from €210,000 in H1 2023.
Cash and cash equivalents rose to €17.9 million at 30 June 2024 from €13.9 million at YE 2023.
Outlook and guidance
Focus remains on executing the new Greek real estate strategy and expanding across Southern Europe.
The new Luxembourg fund aims to attract external investors and scale to €100 million.
Board will monitor capital needs and reserves as the new strategy progresses.
Implementation and performance of the new strategy are subject to market, economic, and execution risks.
Achieving €100M fund target
When is German tax asset appeal expected to resolve?
New strategy reserve adequacy review
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Frequently asked questions
Eurocastle Investment Limited is a publicly traded closed-ended investment company, primarily focusing on investing in non-performing loans and other real estate-related assets in Italy. The company's investment portfolio includes Italian non-performing loans (NPLs) and other loans, as well as real estate funds. Eurocastle operates through its investment manager, Fortress Investment Group LLC, and has subsidiaries in the UK, Germany, Luxembourg, Italy, and the US, showcasing a broad operational footprint. The company is headquartered in Guernsey, United Kingdom, and its shares are listed on the Euronext Amsterdam.
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